US Senate expected to confirm Kevin Warsh as next Federal Reserve chair

Warsh would succeed outgoing Fed chair Jerome Powell as Trump continues his push to influence the US central bank

UK households bracing for new cost of living crisis, report finds

PwC survey reports fast fall in consumer confidence with people worried about Iran war’s impact on economy and personal finances

Banknotes are now so tattered that even buses refuse to accept them, as a dollarised economy and mobile phone payments push up the cost of essentials

The economic warnings are bleak, but full extent of shortages are still not felt for many European countries

Even with the Iran war weighing Trump’s party down, Democrats face a challenge turning the upper chamber blue

Rolling coverage of the latest economic and financial news

Bond yields drop as market fears ease that Labour leader will be replaced by a more leftwing rival

Unemployment remained steady at TK% as the US-Israel war on Iran continues to rattle the American economy

Trump sets Fourth of July deadline as he vents impatience at speed of EU’s implementation

Halifax says cost of typical home fell by 0.1% in April, the second consecutive monthly drop, with pace of annual growth down from 0.8%. to 0.4%

Mark Preston, of Grosvenor Group, who owns one of the UK’s leading farms, says knock-on effect of Iran war could arrive next year

US president says war will end if Tehran agrees to deal, but that ‘bombing starts’ again if it does not

Modella Capital, which rebranded shops as TG Jones, unveils radical restructuring plan, including rent holidays

Firms raising prices at fastest rate in three years, driven by soaring energy and wage bills but also extra materials costs

G77 nations spend $8tn a year servicing debts, but analysis shows how comprehensive relief could benefit social spending